Global Modular Construction Market Trends, Demand and Forecast to 2023
Market Research Future added New Report Named "Global Modular Construction Market Research Report- Forecast 2023" to its Database
Global Modular Construction Market Information Report, by Material (Concrete, Steel, Plastic, Wood and Other), by Construction (Permanent Modular, and Relocatable Modular), by Product (Walls, Roofs & Floor, Columns & Beams and Others), by Application (Residential, Commercial, Industrial) and By Region - Global Forecast to 2023
On the basis of region, Asia-Pacific region dominates the modular construction market. It accounted for the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region. Chinese government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market. Additionally, the rising demand for eco-friendly & sustainable construction and government support, fuel the demand of modular construction market in the region.
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North America is the second largest region for the modular construction market. It accounted for the market share of 27.6% in 2016, with a market value of USD 28.7 million. The North America modular construction market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate. The growing popularity of modular & panelized housing also provides the further boost to the market. In North America, U.S. is the largest market for the modular construction. In the past few years, the annual value of construction in U.S. had been increasing continuously. Strong development in commercial and residential structures in the U.S., is projected to fuel the demand for modular construction market in the region. Europe is another important market for the global modular construction and is projected to grow at a CAGR of 4.90% during the forecast period. Increasing up gradation of the existing infrastructure, rising environmental concerns and the growing interest in energy saving & cost benefit construction, are the factors driving the growth of the market in European region.
The market has been segmented based on material, construction, product and application. On the basis of material, concrete accounted for the largest market share of 33.70% in 2016, with a market value of USD 35.1 Million and is projected to grow at the highest CAGR of 7.19% during the forecast period. The major reason behind this huge market share is the need and requirement of concrete in the modular construction. Concrete gives the strength and stability to the modular building and is majorly used material in the modular construction. On the basis of product, roof & floors are the major part of the modular construction and is accounted for the largest market share of 41.00% in 2016, with a market value of USD 42.6 Million and is projected to grow at the highest CAGR of 6.69% during the forecast period.
On the basis of application, residential accounted for the largest market share of 47.00% in 2016, with a market value of USD 48.9 Million. It is the highest growing segment in global modular construction market due to the increasing population and urbanization. There is seen a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. Commercial was the second-largest market in 2016, valued at USD 38.5 Million in 2016. Governments are now focusing to develop better infrastructure (heavy civil works such as rail, road, dams, irrigation canals, etc.) for a greater nation and betterment of the public. These collective factors are leading to the growth of the market.
The prominent players in the modular construction include ACS Group (Spain), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Balfour Beatty Plc. (U.K.), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), Bouygues Construction (France) and others.
Hence, Global Modular Construction Market is expected to reach a market size of USD 154.8 million by the end of the forecast period at CAGR of 5.95%
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